Was bitcoin’s price spike yesterday in response to the attempted Turkish military coup? Current events continue to make the case for bitcoin as an investment, according to Orange Peel Investments, an investment firm that describes itself as “long” on bitcoin. The company contributed an opinion about bitcoin’s role as an investment in Seeking Alpha.
Turkish citizens, alarmed by an attempted military coup, began withdrawing cash from ATMs and banks, not knowing what the future held for their financial security. The same thing happened in recent years when uncertainties afflicted Cyprus and Greece. The U.S. witnessed a run on banks in 2008 in response to the housing market collapse.
But what would happen if a more serious financial collapse struck the U.S.? What security would people have against severe financial insecurity?
In years past, many people would have flocked to gold to hedge their futures against uncertainty over the money supply. Today, bitcoin has entered the fray as a complement to gold. Bitcoin and gold are both assets that investors can consider for times of financial distress. Bitcoin’s price